YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
The Goldman Sachs Group Inc. (NYSE: GS) is bringing its 10,000 Small Businesses initiative to Missouri, with plans for a $100 million investment to help companies grow.
The New York City-based company will have capital opportunities available, and it's partnering with State Fair Community College to offer training and resources to small businesses. The entry of 10,000 Small Businesses into Missouri was announced early this afternoon at the Sedalia community college.
Asahi Pompey, global head of corporate engagement and president of the Goldman Sachs Foundation, said 14,500 small-business owners have graduated from 10,000 Small Businesses since it launched 16 years ago.
"Think of it as an MBA, free of charge, to small businesses delivered through Goldman Sarchs," Pompey said in an interview with Springfield Business Journal prior to today's announcement.
Small-business owners who participate in the program can learn more about the financials of their business and ways to grow their company.
"You're getting the best financial institution in the world that's providing the best playbook to get the best terms," she said.
The $100 million investment in Missouri comprises $75 million for community development financial institutions to provide loans for small businesses, $15 million to fund the education side of the program at community colleges like State Fair and $10 million in access to capital capacity-building grants, said Goldman Sachs spokesperson Andrew Kivette. Pompey said 10,000 Small Businesses is provided as a service through the Goldman Sachs Foundation, indicating the company does not take any equity in participating businesses.
"We want to be an engine to help these small businesses grow," she said.
Pompey said that within six months of graduating from 10,000 Small Businesses, 44% of small-business participants create new jobs, 67% report increased revenue and 85% of alumni end up doing business with each other.
"We've created this network of small-business owners across the country," she said.
Moseley’s Discount Office Products was purchased; Side Chick opened in Branson; and the Springfield franchise store of NoBaked Cookie Dough changed ownership.
